FY21 was a tough year for automobile original equipment manufacturers (or auto OEMs) due to the pandemic and lockdowns. However, it was a good year for some auto OEMs' executives. Three of the top four listed two-wheeler makers' Managing Directors' (MD) remuneration ratios jumped in FY21 (The remuneration ratio is the ratio of the salary of a company's top management to the median employee's).  

As per Eicher Motors' annual report,  MD Siddhartha Lal's salary was Rs 21.1 crore in FY21, or 340 times the salary of the median employee. This was an increase from 311 times the median salary in FY20. Meanwhile, Eicher Motors' net profits in FY21 fell by 26%.

Rajiv Bajaj, MD of Bajaj Auto, received an annual salary of Rs 40.5 crore (621 times the median salary), and Pawan Munjal received an annual salary of Rs 86.9 crore (826 times the median salary). Bajaj Auto and Hero MotoCorp's FY21 net profits fell by 7% and 20%, respectively.